“We expect strong interest for this site due to the reasonable pricing and its mixed-use approval," he said.

"The owners’ minimum price of $688 million reflects a land rate of approximately $1474 per square feet per plot ratio, before factoring in bonus balcony plot ratio for the residential component.

An aerial view of the Peace Centre/Peace Mansion. Source: JLL

"This compares very favourably with transacted land sales in the vicinity as well as several other commercial and mixed-use collective sale sites on the market now."

Under the 2014 Master Plan, the 76,617 square feet site is zoned for commercial use.

It has a verified gross plot ratio of about 7.89 and may be redeveloped up to a height of 55 metres above mean sea level.

An outline planning permission from the Urban Redevelopment Authority has been obtained recently for a developer to redevelop the site up to the existing Gross Floor Area of approximately 604,578 square feet at an equivalent GPR of 7.89 for a mixed commercial and residential project.

According to Mr Boon, an application for in-principle approval for the lease top-up of 99 years has also been made to the Singapore Land Authority, with a reply "expected to be obtained soon".

“With the OPP in place and the impending lease top-up approval which we expect to obtain shortly, developers would have more clarity in evaluating and designing their product with certainty, which will result in them bidding with confidence," he said.

PCPM is located within the Bras Basah-Bugis district, which is considered Singapore’s arts, civic, cultural, heritage, design and education precinct.

There are MRT Stations within 600 metres of the site, covering most of the MRT lines on the island.